Basic Income is a regular income payment to every adult citizen, with no conditions attached. It is enough to meet basic needs for a frugal lifestyle, and would largely replace welfare, food stamps, and public pensions. It would also augment the income of poorly paid employed people, and provide a safety net for those with irregular incomes.

This oxford paper shows 47% of jobs are at high risk of being automated by 2034. Can we replace another 66 million jobs? Most jobs can be broken down into a repetitive series of steps, and automated systems are much cheaper than human labor. Computers are also getting smarter. IBM's Watson can debate and is better at identifying cancer than human doctors. What else will it learn in the next 20 years? Next 50 years?

A universal basic income is the most efficient way to provide the basic needs to all citizens because it takes advantage of free markets and their ability to set prices based on what resources people value. A UBI is a payment of $16,000 per year to every citizen of the United States. It does not provide a luxurious lifestyle, but ensures every citizen has the basic needs to survive. This protects citizens from unemployment caused by automation, eliminates the unemployment trap, reduces government bureaucracy and allows capitalism to continue innovating and increasing the standard of living for all.